Northern Logistic Property (NLPR) has temporarily amended the terms
of two loan facility agreements
(Thomson Reuters ONE) - (Oslo, 13 October 2009 - Northern Logistic Property ASA)Northern Logistic Property ASA (NLP) has renegotiated the terms oftwo loan facility agreements which implies that market values of theproperties will be held unchanged until third quarter 2010. Theagreements include repayments totalling SEK 88.3 mill for thisperiod.The loans to which amendments have been agreed are: 1. Loan Facility Agreement in the amount of SEK 3,625,000,000 with Deutsche Pfandbriefbank AG (formerly known as Hypo Real Estate Bank AG) 2. Loan Facility Agreement in the amount of SEK 340,800,000 with Aareal Bank AGThe repayments of the loan to Deutsche Pfandbriefbank AG amount toSEK 72,000,000 and the repayments of the loan to Aareal Bank AGamount to SEK 16,300,000.The reason for the agreed addendum agreement with DeutschePfandbriefbank AG is a valuation performed on the bank's initiativeand, if applied, will result in a "cash sweep event". The deviationfrom previous valuations is limited and with the agreed repaymentsthe LTV ratio will be below the cash sweep maximum LTV ratio set outin the Loan Facility Agreement. The loan from Aareal Bank AG has beenin "cash sweep" for a period of time and will with the agreedrepayments be below the "cash sweep event" LTV-ratio.No default of financial covenants has occurred or is ongoing foreither of the loans.The CEO Per Gunnar Rymer says in a commentary: "The addendumagreements with Deutsche Pfandbriefbank AG and Aareal Bank AG ensurestability of LTV ratios until at least the third quarter of 2010. Wefind it reassuring that the valuation, performed by an appraisernominated by Deutsche Pfandbriefbank AG, of the properties in the NLPHolding I portfolio concludes with a value that differs onlymarginally from prior valuations and that the value deviation is wellwithin what must be considered to be a normal deviation between twoindependent appraisers. The agreed amendments mean that NLP canfurther strengthen its focus on value creation within its existingportfolio."For further information:Per Gunnar Rymer, CEO + 47 907 77 627 email:per.gunnar.rymer(at)nlpasa.comAbout Northern Logistic Property ASANorthern Logistic Property ASA is a leading pure-play logisticproperty company based in the Nordic region. The portfolio consistsof 24 (prior to sale of 5 properties to Kungsleden) advanced logisticproperties located in larger and regional cities in Sweden andDenmark, with a total lettable area of approximately 814,000 sq.m.See also www.nlpasa.com.http://hugin.info/137677/R/1347268/323870.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 13.10.2009 - 15:58 Uhr
Sprache: Deutsch
News-ID 6864
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